Statement from Treasurer Loftis regarding court filing

Thursday, April 11, 2013

As a fiduciary and custodian of the pension fund, I welcome the action. A court of law is exactly where the Investment Commission should be. The un-elected Investment Commission continually refuse to answer questions, lack safeguards to protect the investments and does not provide basic information to my office.

All South Carolinians should be concerned about the massive fees we pay and the lack of care and custody of our investments. We are in the bottom 20% in returns and in top 1% of fees which costs the people of this state every day.

I will not send $50 million of retiree money anywhere until the Commission provides basic custody information, including a signed statement and legal documents. Casual e-mails do not provide enough protection for $50 million dollars of public money!

The Commission lacks a moral core and their actions prove it. This is not Monopoly money and the safety of public funds comes first. I will continue the fight on behalf of the taxpayers of this state.